Some time back I read a line in article "Government has deluded itself into thinking that building institutions is same as institution buildings"

This seems to apply here.

Link?

Upvoted because I agree but it's not always this cut and dry. I can't speak for climate research (I imagine it's mostly computer sims so maybe a building is a waste), but for bio research lab space is nearly as important as personnel.

The waste is they hire architects to build elaborate buildings with plenty of affectations that make universities and donors feel important, but that often put functionality far behind form. While the inside of lab space is quite functional and "luxury" in lab space goes is actually lab equipment, sq. ft, and having a window that looks out on something pleasant. Much less impressive looking buildings could be built which facilitated far more science.

Universities have degenerated somewhat into being professional sports teams and professional fundraisers.

"Attracting top talent" is nonsense, universities are already full of people so desperate for positions they work nearly for free.

If I had a billion dollars I'd build a university out the best equipment, the cheapest buildings, and a minimum wage for anyone doing academic work of $100k and see how far that got me.